Texas Daily Ag Market News Summary 04/01/16

Posted 8 years 240 days ago by

Feeder cattle auctions reported prices steady to $3 lower; Futures lower.

Fed cattle cash trade inactive; Formula trades lower; Futures higher; Beef prices lower.

Cotton higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $3 lower, with one instance of $2 to $3 higher. Texas Weekly Direct reported prices of $1 to $6 lower. Feeder cattle futures were $0.87 lower, closing at $156.20 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $1.88, to close at $219.11 per cwt and select grade losing $3.55 to close at $206.93 per cwt. Fed cattle futures were $0.05 higher, closing at $132.97 per cwt. Estimated cattle harvest for the week totaled 531,000 head up 1,000 from last week and 12,000 from last year’s total. For the period March 18-24, 2016 exporters reported that net sales totaled 28,400 metric tons (MT) for 2016--a marketing-year high—which were up noticeably from the previous week and from the prior four-week average. Increases were reported for Japan, South Korea and Canada. Exports totaled 9,800 MT, which were down 14 percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 55.12 per pound and May futures gaining 0.76 cents to close at 59.20 cents per pound. Net upland sales totaled 86,400 round bales (RB) for 2015-2016, which were up two percent from the previous week, but down 48 percent from the prior four-week average. Increases were reported for Turkey, Pakistan and China. Exports totaled 192,300 RB, which were down 11 percent from the previous week and eight percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Indonesia.

Corn prices were higher with May futures prices gaining $0.02 to close at $3.54 per bushel. Net sales totaled 790,600 MT for 2015-2016, which were down two percent from the previous week and 27 percent from the prior four-week average. Increases were reported for Taiwan, South Korea and Japan.

Wheat prices were higher with May futures prices gaining $0.02 to close at $4.78 per bushel. Net sales totaled 317,200 MT for delivery in 2015-2016 marketing year, which were down 14 percent from the previous week, but up one percent from the prior four-week average. Increases were reported for the Philippines, Thailand and Mexico.

Milk prices were higher with April Class III Milk futures gaining $0.03 to close at $13.81 per cwt.

Stock markets were higher today, as the March jobs report showed expanding job growth in the manufacturing sector for the first time since last summer. Crude oil prices were lower, with May Crude oil futures losing $1.55, to close at $36.79 per barrel.

Daily Market Summary Data 04/01/16

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